2013-37 APPROVING THE GRAND AVENUE TAX INCREMENT REDEVELOPMENT PLAN

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!J7 t0 underground storage tanks required by State or federal law, provided that the remediation a costs constitute a material impediment to the development or redevelopment of the redevelopment project area. CU (F) The total equalized assessed value of the proposed redev lopment project •fit area has declined for 3 of the last 5 calendar years prior to the ye4r in which the redevelopment project area is designated or is increasing at an annual ratq that is less than s the balance of the municipality for 3 of the last 5 calendar years for whi h information is oavailable or is increasing at an annual rate that is less than the Consume Price Index for All Urban Consumers published by the United States Department of La or or successor agency for 3 of the last 5 calendar years prior to the year in which th redevelopment project area is designated. (3) If vacant, the sound growth of the redevelopment project area is Impaired by one of the following factors that (i) is present, with that presence documented, to a meaningful extent so that a municipality may reasonably find that the factor is clearly present within the intent of the Act and (ii) is reasonably distributedl throughout the vacant part of the redevelopment project area to which it pertains: (A) The area consists of one or more unused quarries, mine , or strip mine ponds. (B) The area consists of unused rail yards, rail tracks, or railroad rights-of- way. (C) The area, prior to its designation, is subject to (i) chronic flooding that adversely impacts on real property in the area as certified by a registered professional engineer or appropriate regulatory agency or (ii) surface water that disch4rges from all or a part of the area and contributes to flooding within the same watershed, but only if the redevelopment project provides for facilities or improvements to c ntribute to the alleviation of all or part of the flooding. (D) The area consists of an unused or illegal disposal site containing earth, stone, building debris, or similar materials that were removed fro jn construction, demolition, excavation, or dredge sites. (E) Prior to November 1, 1999. the area is not less than 50 nr more than 100 acres and 75% of which is vacant (notwithstanding that the area ha been used for commercial agricultural purposes within 5 years prior to the des gnation of the redevelopment project area), and the area meets at least one of the factors itemized in paragraph (1) of this subsection, the area has been designated as a town or City center by ordinance or comprehensive plan adopted prior to January 1, 1982, and the area has not been developed for that designated purpose. 10